“Warren Buffett is a guy I truly respect from an investment point of view. But I do not think he understands cryptocurrencies at all. It is what it is. I still respect him in other parts of his expertise. But I think on cryptocurrencies he’s making a big mistake.”

Zhao himself is even surprised by Binance’s growth, saying in the interview that the company had not expected the explosive numbers Wednesday. The company has hosted almost $5 bln in cryptocurrency trades in the past 24 hours to press time.

Other industry insiders see the Binance success as a general sign of growth in the market, and increasing adoption. Gregory Van den Bergh, co-founder and CEO of MiCai, a Blockchain based wealth management firm, told Cointelegraph:

“We are just at the early stage of the crypto adoption curve. Binance and other crypto exchanges are still serving the crypto early adopters. The next phase of adoption will come from the 30 tln dollars that is currently actively managed on behalf of high net worth individuals across the globe.”

Bitcoin continues trading lower on the day, however. At press time, the average price among exchanges was $14,123, up almost four percent on the day.